Tech inventory stays high. We publish our 1Q22 tech inventory analysis, which shows levels elevated—with total tech up 11 days (vs normal up 7 days QoQ) to 53 days, 15 days above the post-crisis 1Q 38-day median; and tech hardware also up 10 days to 46 days vs the 34-day 1Q median. Higher inventory is caused by (1) slower tech end-market demand due to lower consumer budgets from growing inflation concerns and geopolitical conflicts; (2) downstream production/logistics impacted by China lockdowns; and (3) inflation of semiconductor pricing vs units and COGs purchased 1-2 quarters earlier. The inventory could peak exiting 2Q22 (traditionally also closer to a stock trough) as utilization has stayed full, China bottlenecks persist and the supply chain pre-builds for seasonal ramps in 2H22.